Financials Singapore Airlines Limited

Equities

C6L

SG1V61937297

Airlines

Market Closed - Singapore S.E. 05:10:05 2024-04-26 am EDT 5-day change 1st Jan Change
6.54 SGD -0.15% Intraday chart for Singapore Airlines Limited +4.64% -0.30%

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,434 6,803 23,696 35,453 36,954 27,060 - -
Enterprise Value (EV) 1 15,117 15,148 30,250 37,386 35,965 30,748 31,906 33,677
P/E ratio 23.9 x -32.1 x -4.8 x -34 x 16.3 x 7.55 x 9.46 x 15.6 x
Yield 2.19% 1.39% - - 6.63% 6.28% 4.72% 3.67%
Capitalization / Revenue 0.7 x 0.43 x 6.21 x 4.66 x 2.08 x 1.44 x 1.41 x 1.38 x
EV / Revenue 0.93 x 0.95 x 7.93 x 4.91 x 2.02 x 1.64 x 1.67 x 1.72 x
EV / EBITDA 6.31 x 6.73 x -81.6 x 28.7 x 7 x 6.3 x 7.13 x 8.5 x
EV / FCF -5.47 x -6.39 x -5.05 x -5,192 x 4.78 x 17.6 x 39.5 x 95.7 x
FCF Yield -18.3% -15.7% -19.8% -0.02% 20.9% 5.67% 2.53% 1.05%
Price to Book 1.22 x 0.73 x 1.04 x 0.73 x 0.86 x 1.22 x 1.18 x 1.14 x
Nbr of stocks (in thousands) 1,183,665 1,185,128 4,269,600 6,446,082 6,449,164 4,137,650 - -
Reference price 2 9.660 5.740 5.550 5.500 5.730 6.540 6.540 6.540
Announcement Date 5/16/19 5/14/20 5/19/21 5/18/22 5/16/23 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,323 15,976 3,816 7,615 17,775 18,750 19,133 19,590
EBITDA 1 2,395 2,251 -370.8 1,301 5,137 4,879 4,477 3,963
EBIT 1 1,067 844.7 -2,512 -609.7 2,692 2,742 2,084 1,443
Operating Margin 6.54% 5.29% -65.84% -8.01% 15.15% 14.62% 10.89% 7.37%
Earnings before Tax (EBT) 1 868.6 -220.2 -4,957 -1,090 2,637 2,923 2,558 1,477
Net income 1 682.7 -212 -4,271 -962 2,157 2,552 2,090 1,244
Net margin 4.18% -1.33% -111.92% -12.63% 12.13% 13.61% 10.93% 6.35%
EPS 2 0.4044 -0.1790 -1.156 -0.1620 0.3510 0.8667 0.6916 0.4185
Free Cash Flow 1 -2,761 -2,372 -5,988 -7.2 7,528 1,743 808 352
FCF margin -16.92% -14.84% -156.92% -0.09% 42.35% 9.3% 4.22% 1.8%
FCF Conversion (EBITDA) - - - - 146.54% 35.73% 18.05% 8.88%
FCF Conversion (Net income) - - - - 349.05% 68.32% 38.65% 28.29%
Dividend per Share 2 0.2114 0.0800 - - 0.3800 0.4107 0.3084 0.2401
Announcement Date 5/16/19 5/14/20 5/19/21 5/18/22 5/16/23 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3
Net sales 1 1,294 1,532 2,316 2,472 - - 4,846 4,512 4,479 4,683 5,082 4,874 - - -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 -274.4 - 76 -66.7 - - 755 703.1 754.5 799.3 609 471.8 - - -
Operating Margin -21.2% - 3.28% -2.7% - - 15.58% 15.58% 16.84% 17.07% 11.98% 9.68% - - -
Earnings before Tax (EBT) 1 -473.8 -502.7 -71.2 - - - - - - 852 976.6 618.3 - - -
Net income 1 - -427.6 85 -210 - - 628 601.9 734 707.1 659 516.7 - - -
Net margin - -27.91% 3.67% -8.5% - - 12.96% 13.34% 16.39% 15.1% 12.97% 10.6% - - -
EPS 2 - -0.0620 0.0130 -0.0320 - - 0.1010 0.1090 0.2470 0.2380 0.1560 0.1621 - - -
Dividend per Share 2 - - - - - - - 0.3800 - 0.1000 - 0.1733 - 0.1283 -
Announcement Date 7/30/21 11/11/21 2/24/22 5/18/22 8/16/22 11/16/22 2/21/23 5/16/23 7/27/23 11/7/23 2/20/24 - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,683 8,345 6,554 1,932 - 3,688 4,846 6,616
Net Cash position 1 - - - - 988 - - -
Leverage (Debt/EBITDA) 1.538 x 3.708 x -17.68 x 1.485 x - 0.756 x 1.083 x 1.669 x
Free Cash Flow 1 -2,761 -2,372 -5,988 -7.2 7,528 1,743 808 352
ROE (net income / shareholders' equity) 5.22% -1.88% -33.9% -5.02% 10.2% 14.7% 12.5% 7.68%
ROA (Net income/ Total Assets) 2.42% -0.66% -12% -2.23% 4.41% 5.32% 4.8% 2.76%
Assets 1 28,211 32,107 35,647 43,125 48,886 47,979 43,581 45,115
Book Value Per Share 2 7.910 7.860 5.360 7.550 6.680 5.350 5.540 5.720
Cash Flow per Share 2 1.660 2.310 -0.8900 0.5100 1.470 1.660 1.490 1.440
Capex 1 5,562 5,104 2,696 3,049 1,602 2,606 3,527 4,150
Capex / Sales 34.08% 31.94% 70.64% 40.04% 9.01% 13.9% 18.43% 21.18%
Announcement Date 5/16/19 5/14/20 5/19/21 5/18/22 5/16/23 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
11
Last Close Price
6.54 SGD
Average target price
6.92 SGD
Spread / Average Target
+5.81%
Consensus
  1. Stock Market
  2. Equities
  3. C6L Stock
  4. Financials Singapore Airlines Limited